African Tech Ecosystem Raises $6.5bn In 2022

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The African tech ecosystem stands out with $6.5 billion, representing eight per cent growth from 2021 and spread across 764 deals, compared to 724 rounds in 2021, a new report has revealed.

Overall, Nigeria, South Africa, Egypt and Kenya remain the top investment destinations in Africa, with a share of total volume staying relatively steady at 72 per cent. Nigeria retained the top rank, bringing in $1.2 billion in capital, despite a decline of 36 per cent from 2021.

South Africa, Egypt, and Kenya each attracted over $0.7 billion in funding, with Ghana completing the top five with just over $0.2 billion. Overall, 28 countries attracted equity funding in 2022, 13 of them in Francophone Africa.

According to the annual report on Africa Tech Venture Capital(VC), released by Partech Africa, the VC fund dedicated to technology startups in Africa, consist of disclosed and confidential deals. 

Findings of the report showed that Africa Tech Ecosystem saw debt funding more than double in…



Source: Leadership Newspaper